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Technical Cross

Written by article default Thursday, 08 December 2011 07:36

Great British Pound vs. Japanese Yen (GBP / JPY)

Morning Report

The pair is trading near the resistance of the short term descending channel shown above, this level at 122.25 is a critical resistance, the area include the resistance of the channel in addition to the 23.6% Fibonacci correction alongside a possible neckline for a bullish technical pattern, therefore, a breach above the level may accelerate bullishness , accordingly, we prefer staying aside for now to assure how the level will hold against the possible breach attempts. Levels to be watched are the 122.25 resistance and 121.00 support.

The trading range for the day may be among the 120.00 support and 124.05 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

**GMT+2 Candlesticks**



Support 121.35 121.00 120.70 120.00 119.50
Resistance 122.25 122.60 123.15 123.80 124.30
Recommendation Based on the charts and explanations above we recommend staying aside awaiting more confirmations.


Euro vs. Japanese Yen (EUR / JPY)

Morning Report

Trading continues below the retest level at 104.75, and below the support of the minor ascending channel shown above which could be a continuation flag pattern that supports the bearish trend, these factors in addition to the negative pressure from the 50 EMA suggest a downside move for today, taking into consideration that breaching 104.75 followed by 105.15 will extend the correctional move.

The trading range for the day may be among the 102.45 support and 106.70 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.

**GMT+2 Candlesticks**



Support 103.85 103.00 102.45 102.10 101.70
Resistance 104.75 105.15 106.10 106.70 107.30
Recommendation Based on the charts and explanations above we recommend selling the pair around 104.75 targeting 103.30 ,stop loss with four-hour closing above 105.15 may be appropriate


Euro vs. Great British Pound (EUR / GBP)

Morning Report

The pair continues to trade within the shaded range bound above, while trading is near the support of the range at 0.8525, where the 50 EMA is pressuring intraday trading negatively. In general, we count on the steady daily closing above 0.8525 to expect an intraday bullish move today targeting initially 0.8635 and 0.8680.

The trading range for the day may be among the 0.8460 support and 0.8680 resistance.

The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.

**GMT+2 Candlesticks**



Support 0.8525 0.8460 0.8415 0.8385 0.8300
Resistance 0.8600 0.8635 0.8680 0.8720 0.8765
Recommendation Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8635, stop loss with four-hour closing below 0.8460.

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